Fortis (TSE:FTS) Price Target Lowered to C$56.00 at Scotiabank

Fortis (TSE:FTS) had its price target reduced by equities research analysts at Scotiabank from C$60.00 to C$56.00 in a research note issued on Monday, BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s target price suggests a potential upside of 4.93% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. National Bankshares lifted their target price on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. JPMorgan Chase & Co. cut their price objective on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a report on Monday, January 22nd. CIBC cut their price objective on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Bank of America boosted their price objective on shares of Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. Finally, BMO Capital Markets cut their price objective on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating on the stock in a report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of C$57.00.

Fortis Stock Down 0.1 %

Shares of TSE FTS opened at C$53.37 on Monday. Fortis has a 52-week low of C$49.82 and a 52-week high of C$62.00. The firm has a fifty day moving average of C$53.05 and a 200-day moving average of C$54.19. The stock has a market capitalization of C$26.31 billion, a PE ratio of 17.22, a P/E/G ratio of 2.80 and a beta of 0.17. The company has a quick ratio of 0.36, a current ratio of 0.68 and a debt-to-equity ratio of 128.76.

Fortis (TSE:FTS) last posted its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting the consensus estimate of C$0.72. The business had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%. On average, analysts anticipate that Fortis will post 3.2119367 EPS for the current year.

Insider Activity

In other news, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total value of C$37,706.21. In related news, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. Also, Director Margarita Dilley acquired 960 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of C$38.57 per share, with a total value of C$37,027.20. In the last 90 days, insiders have purchased 2,851 shares of company stock worth $111,115. 0.04% of the stock is currently owned by corporate insiders.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.